Dividend Payout Ratio指股息支付率又称股利分配率、现金流动测量公式（Cash Flow Measurement Formula），是向股东分派的股息占公司盈利的百分比。The dividend payout ratio is the ratio of the total amount of dividends paid out to shareholders relative to the net income of the company. It is the percentage of earnings paid to shareholders in dividends. 股利发放率指标反映普通股股东从每股的全部净收益中分得多少，就单独的普通股投资者来讲，这一指标比每股净收益更直接体现当前利益。

股息支付率的计算公式为：

股息支付率=年度总股息/（年度净利润+非现金开支-非现金销售）* 100%

Dividend Payout Ratio = Annual Dividends Paid/ (Annual Net Income+Non-cash Expenditure-Non-cash Sales) * 100%

与股息支付率相对应的是留存收益率（retention ratio），留存收益率指公司税后盈利减去应发现金股利的差额和税后盈利的比率。The retention ratio is the portion of earnings kept back in a firm to grow the business as opposed to being paid out as dividends to shareholders.它表明公司的税后利润有多少用于发放股利，多少用于保留盈余和扩展经营。

留存收益率的计算公式为：

留存收益率=（每股收益-每股股息）/每股收益

Retention Ratio = （EPS-DPS）/EPS

以下为相关示例：

Buffett used the average rate of return on equity and average retention ratio to calculate a company's sustainable growth rate. The SGR is used to calculate the book value per share in the future.

巴菲特使用平均股权资本回报率和留存收益率计算公司的持续增长率，可持续增长率可以反映未来的每股账面价值，苹果的可持续增长率超过13%，这是苹果真正让人兴奋的地方。

There is phenomenon that the listed companies do not allocate the dividend on shares or the payout ratio is low in China.

我国上市公司的股利政策存在严重不分配现象，股利支付率偏低，缺乏连续性等问题。